1. At a Glance
Artemis Medicare Services Ltd is what happens when a hospital quietly compounds for a decade and the market suddenly wakes up late. With a market cap of ₹3,778 crore, a current price of ₹239, and a Stock P/E of 38, Artemis sits awkwardly between “mid-cap healthcare darling” and “still ignored cousin of Apollo.”
Q3 FY26 numbers were clean and boring in the best possible way: ₹267 crore quarterly revenue (+17.7% YoY) and ₹24.8 crore PAT (+19.6% YoY). No drama, no accounting gymnastics, just beds filling up and bills getting paid. Operating margins hovered around 16%, ROCE at 14.9%, and debt-to-equity stayed disciplined at 0.31 despite aggressive expansion.
But the real headline isn’t the numbers—it’s the ambition. A third tower already commissioned in Gurugram, Raipur coming up in FY26, and a massive 550+ bed VIMHANS hospital in South Delhi planned. Oh, and the board casually approved a ₹700 crore fundraise.
So the question is simple: is Artemis still a single-hospital story, or is it trying to crash the big boys’ ICU party?
2. Introduction
Hospitals are boring businesses—until they’re not. Artemis Medicare spent years being the “nice, well-run hospital in Gurgaon” while investors chased shinier chains with louder PR. Meanwhile, Artemis just kept doing the unsexy stuff: improving ARPOB, expanding specialties, attracting international patients, and quietly adding beds.
Promoted by the Apollo Tyres Group, Artemis didn’t rush into reckless asset-heavy expansion. Instead, it built depth before width—first mastering Gurugram, then slowly stepping outside NCR. Now, suddenly, there’s a 700+ bed flagship, a greenfield hospital in Raipur, and a takeover-style expansion into South Delhi.
Financially, this isn’t a turnaround story—it’s a compounding story. Sales grew at ~19% CAGR over 3 years, profits at ~36% CAGR, and FY25 closed with ₹1,022 crore revenue and ₹99.4 crore PAT.
Yet the stock is down 24%
over 1 year. Why? Promoter dilution, capex anxiety, and the market’s eternal fear of hospitals raising money.
So let’s dissect this properly—beds, bills, balance sheet, and all the juicy governance bits.
3. Business Model – WTF Do They Even Do?
At its core, Artemis does one thing very well: monetize hospital beds.
The flagship Artemis Hospital, Gurugram, is a quaternary-care beast—oncology, neuro, cardiac, transplants, ICU, the works. In Q1 FY26 alone, it clocked:
- ARPOB: ₹83,900
- Occupancy: 61.2%
- 4,040 surgeries
- 98,542 patient volumes
Specialty mix is well-balanced—no overdependence on a single cash cow. Oncology (18%), Neuro (19%), Cardiology (16%), Orthopaedics (15%). Basically, if something inside the human body can malfunction expensively, Artemis treats it.
Payor mix is where things get spicy. International patients contribute 29% of revenue, insured patients 33%, government schemes 20%, and pure cash 18%. That’s a rare combo—diversified and margin-friendly.
Add to that side ventures:
- Artemis Lite for short-stay surgeries
- Daffodils by Artemis for premium maternity
- Artemis Cardiac Care JV with Philips, targeting Tier 2/3 cities
In short: flagship depth + asset-light expansion + premium pricing. Simple, scalable, and very hospital-chain-y.
4. Financials Overview
Quarterly Comparison (Standalone, ₹ crore)
| Metric | Latest Qtr (Dec 2025) | YoY Qtr (Dec 2024) | Prev Qtr (Sep 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 267 | 227 | 270 | 17.7% | -1.1% |
| EBITDA | 44 | 37 | 50 | 18.9% | -12.0% |
| PAT | 23 | 21 | 30 | 9.5% | -23.3% |
| EPS (₹) | 1.42 | 1.51 | 2.16 | -6.0% | -34.3% |
